Chapter 280 Up to 3.5 billion US dollars, layered financing strategy! Ma Liyun: He is here?
In July, the summer season, Hangzhou was hot and humid after the rain, and the grass and trees were green.
A clear song came from a street music store: "I came from the spring, you said you wanted to separate in the autumn, I promised not to be sad for you, but how can I be fine..."
After the first season of "The Voice of China" was aired on Blueberry Channel, it quickly became a hit and became the most profitable phenomenal variety show in 2012.
Cover songs such as "Crazy for Love", "High Song", and "You Got Me Drunk" became completely popular, and the playlists were played on loop in shops on the streets.
Chen Yansen rolled down the car window, and a gust of fresh air mixed with the fragrance of earth rushed towards him. The wheels rolled over the wet ground, making a rustling sound.
"Boss, the time is set at 9 o'clock tomorrow morning, in the Sands Hall by the West Lake." Gao Weilin, who was sitting in the front row, reminded softly.
"Xiao Li, don't go back to the hotel yet, go to the Kuaidi Taxi headquarters."
Chen Yansen nodded slightly and gave instructions to the driver.
Xiao Li turned at the intersection and drove towards No. 102, Xueyuan Road, Xihu District.
Kuaidi Dache's current average daily order volume is 1.6 million, with a market share of nearly 80%, and considerable growth potential. In addition to Penguin, Ali, DST, Huake and Sands Ventures, Huaxin Fund, Goldman Sachs Investment and Apple Investment Department also plan to get involved.
However, Chen Yansen rejected Apple and sent the admission tickets to Huaxin Fund and Goldman Sachs Investment.
These two investment institutions, the former can reduce the policy risks of Kuaidi Dache, and the latter can prepare for future overseas market development.
Twenty minutes later, a group of three luxury cars stopped in front of the Kuaidi Taxi headquarters.
Cheng Weixing led a group of senior executives, standing in a row in neat suits. As soon as Chen Yansen got out of the car, he hurried to greet him.
"Boss, thank you for your hard work along the way." Cheng Weixing raised his hand to protect Chen Yansen's head, and greeted him warmly with a smile on his face.
Chen Yansen smiled faintly, patted Cheng Weixing on the shoulder and said, "The environment of the new headquarters is much better than before. How many employees are there here?"
"There are about 400 people, mainly in development, operations, finance and legal affairs. There are more than 800 people scattered in Jinling, Luzhou, Yanjing, Tangcheng and other places, mainly in marketing, driver management and regional operations."
Cheng Weixing replied immediately.
"Didi has completed a 600 million yuan Series D financing round. This subsidy war will have to continue for another two months. Do you know Pei Yi's '1,000 People, 100 Cities' plan?"
Chen Yansen asked casually.
Everyone walked and talked as they headed towards the first floor lobby.
"Thousands of people and hundreds of cities?" Cheng Weixing was slightly stunned. After all, Kuaipao and Kuaidi Dache were both independent subsidiaries, and Pei Yi kept it a secret, so he really didn't understand.
"We will train 1,000 to 2,000 new people in a unified way based on the market, business and operations, and then deploy them to 100 cities to accelerate the pace of expansion."
Chen Yansen explained slowly.
In his opinion, Cheng Weixing's operational capabilities are fine, but his expansion pace is a bit conservative.
Each time a new service area is added, there are only two to three cities at most. At this rate of development, it will take at least four to five years for Kuaidi Dache to fully cover North China, East China, Central China and South China.
"Boss, is this too radical?" Cheng Weixing frowned slightly, worried that if he moved too quickly, various unexpected management loopholes would easily appear, which would have a huge negative impact on the project.
"Kuaidi Dache started only two months earlier than Didi. The longer the delay, the more disadvantageous it will be for Kuaidi Dache. Legend Capital's involvement means Lenovo Group is also out. How long can you maintain your advantage?"
Chen Yansen asked back.
Legend Capital is the predecessor of Lenovo's Strategic Investment Department. It led the D round of financing for Didi Dache, indicating that the Liu family also has its eyes on the big cake of online ride-hailing.
Kuaidi Dache currently has advantages in capital, technology and market, but with the entry of big capital, Didi Dache will soon be able to close the gap.
The slow expansion rate seems stable, but it is no different from chronic poisoning.
While Cheng Wei is still not able to react, copy Kuaipao's "Thousand People and Hundred Cities Plan" to Kuaidi Dache and increase the average daily order volume first.
Even if there are mergers and reorganizations in the future, those with the largest market share will definitely have the final say.
"Boss, I understand." The smile on Cheng Weixing's face disappeared instantly. He was originally complacent about having 80% market share, but now his hands and feet were cold and his heart felt like it was falling into an ice cellar.
He knew that he had been slacking off!
In terms of the abundance of funds, Didi Dache is not much behind. The other party's valuation is indeed lower than that of Kuaidi Dache, but Cheng Wei knows how to make concessions. Even though he has lost even the controlling stake, he still shows the determination to fight to the end.
Is Cheng Wei stupid?
Not stupid at all!
During the Series A financing, Today Capital acquired 20% of Didi Dache's equity with only 2 million. At that time, Cheng Wei's equity was worth only more than 7 million. During the Series D financing, the valuation rose to 4 billion. Although his shareholding ratio was reduced from 72% to 34.3%, it was worth 1.37 billion, an increase of nearly 200 times.
The "smart people" in the eyes of ordinary people, like the founder of Yaoyao Taxi, valued equity too much and rejected investments from Penguin and Huaxin one after another. As a result, he failed to achieve the goal of 1,000 orders per day and was crushed by Didi and Kuaidi.
Only by learning to delegate power and leveraging power can there be a glimmer of hope for success.
Seeing that Cheng Weixing understood, Chen Yansen said no more.
The group took the elevator to the 16th floor. Kuaidi Taxi's office area is on the 16th, 17th and 18th floors, with more than a hundred people on each floor.
Since it was the weekend, there were not many employees.
"Boss, the 16th floor is the office area for the technology, product, operation and maintenance, and channel departments..."
Cheng Weixing pointed to the area ahead and introduced it.
"Hello, Mr. Chen!"
“Hello, Boss!”
Several R&D engineers who were working overtime heard the noise at the door and subconsciously looked up. When they saw Chen Yansen, they immediately greeted him with a smile.
Cheng Weixing is the boss and Chen Yansen is the big boss.
They know well that a series of benefits such as rental subsidies, meal subsidies, transportation subsidies, quarterly bonuses, holiday red envelopes, etc. are all created by the big boss.
Compared with other Internet companies, Kuaidi Dache's monthly salary is not very high, but overtime pay is not reduced by a penny. Many college graduates who have just graduated work as assistants or customer service staff only have a monthly salary of 4,500 to 5,000 yuan, but once overtime pay is taken into account, their pre-tax income can reach 7,000 to 8,000 yuan.
In addition, the existence of rental subsidies and meal subsidies can further reduce a large amount of daily expenses.
Therefore, among the Internet companies in Hangzhou, Kuaidi Dache is much more attractive to outstanding talents than Ali Baba and NetEase.
"Mr. Chen!"
At this time, a young man in his twenties shouted.
Chen Yansen felt the voice was familiar, turned around and saw that it was indeed an acquaintance.
"Aren't you in the marketing department of Yidong?" Chen Yansen stopped and asked softly.
"Mr. Chen, do you still remember me?" Xiao Bing looked surprised, his mouth slightly open, his eyes full of disbelief.
He had only met Chen Yansen once! "Xiao Bing, Planning Manager of the Marketing Department of Dongfang." Chen Yansen's mental strength value had already exceeded 70, which was dozens of times that of an ordinary person. The phrase "photographic memory" was not enough to describe the terrifying degree of his memory.
"Mr. Chen has a great memory. Kuaidi Taxi has great market potential and a good working atmosphere, so I resigned from Yidong and joined Kuaidi Taxi."
Xiao Bing immediately started to flatter him, but his words were too empty and obviously he was not telling the truth.
The truth is that after Orange Technology poached Ye Qiuping, Liu Qiangdong reappointed a marketing director, but in order to carry out the work, this person picked two of his former subordinates to follow him.
As an "old minister of the previous dynasty", Xiao Bing was marginalized.
Simply put, you get to take the blame for working overtime but get no credit at all. Who can stand this?
Xiao Bing endured it for half a year, and happened to see the recruitment notice of Kuaidi Taxi on the Internet, so he chose to run away without hesitation.
Anyway, his position is not high and he doesn't even have stock options, so he can run away without any worries.
Chen Yansen smiled. He knew at a glance that the other party's words were fake, but he did not point it out. After exchanging a few words of greeting, he followed Cheng Weixing to the office.
As soon as they walked away, colleagues nearby gathered around them.
"Brother Bing, that's awesome! You actually know the big boss?"
A colleague from the marketing department pulled Xiao Bing's arm and asked in surprise.
"I was in the marketing department of Yidong before. At that time, Mr. Chen was still the founder of Hulitao. One time, I went to Yidong to discuss channel cooperation, and I was the one who received him..."
Xiao Bing listened to the compliments from his colleagues and boasted with a smile.
When he arrived at the office, Cheng Weixing waved his hand, and the assistant beside him handed a thick document to Gao Weilin.
"Mr. Gao, this is the financial data and user operation data of Kuaidi Dache, including revenue and profit indicators, as well as cash flow and operational efficiency indicators."
After Cheng Weixing finished speaking, he was busy making tea for Chen Yansen and others.
Gao Weilin took the document but did not rush to check it. He handed it to the assistant behind him.
"Which institution is offering the highest bid right now?" Chen Yansen asked slowly after sitting down.
"I have talked to the counterparts of Penguin, Ali, DST, Huake and Sands Ventures. DST's offer was the highest, Huake's was the lowest. Penguin and Ali both wanted to increase their shareholding ratio. Huake and Sands Ventures have the intention to follow up in this round, but I estimate that the investment amount of these two companies will not be too much, especially Sands Ventures."
Cheng Weixing replied, and then handed over a summary sheet.
Sands Venture Capital mainly focuses on early-stage investments and also participates in relatively mid- and late-stage financing rounds, but the proportion is not high.
Chen Yansen nodded and glanced casually.
The valuation given by DST is 3.4 billion US dollars, Penguin is 3.26 billion US dollars, and Ali is 3.18 billion US dollars. Although the prices of Huake and Sands Venture Capital are lower, they are both over 3 billion US dollars.
Gao Weilin was the one who negotiated with Huaxin Fund and Goldman Sachs Investment. One was for US$3.25 billion and the other for US$3.5 billion.
It seems that Goldman Sachs and DST have the highest bids.
No wonder that from ten years ago to ten years later, throughout the twenty years of rapid development of China's Internet, foreign capital usually holds the largest proportion of shares in major Internet companies.
There is no way, they gave too much! Chen Yansen frowned slightly. This round of financing was different from the last one. In the A round of financing, the participating investment institutions did not differ much in their quotations, except for Huake who was unwilling to pay more. However, the other party also provided additional resources as compensation, and finally reached an agreement.
The difference between the highest price and the lowest price this time is 500 million US dollars. The interests involved are too huge, and it may be difficult to convince all parties to follow his ideas.
"Leave Huaxin, Huake, and Penguin to Lao Gao, and you will connect with Ali and Sands Ventures. Use a tiered financing strategy and make it clear to the other party in advance. Those who don't accept will be automatically eliminated."
After Chen Yansen pondered for a few seconds, he looked at Gao Weilin and Cheng Weixing and quickly made arrangements.
The operating logic of tiered financing is to split the financing amount into multiple parts, allowing different institutions to subscribe at different valuations.
To put it bluntly, it means the same rights but different prices, which is very unfavorable for investment institutions that bid high prices.
Chen Yansen already had a plan in mind for this. Huake and Huaxia could bring additional "urgently needed resources" to Kuaidi Dache, such as policy protection and compliance endorsement. Although the valuation was low, the resources behind it were of high value.
The traffic support and complementary business ecosystems of Ali and Penguin are equally important to Chen Yansen, and can also reduce two potential competitors.
If DST and Goldman Sachs disagree, he will choose Penguin as the lead investor in the B round of financing, thereby diluting the proportion of foreign capital and avoiding policy risks in advance.
at the same time.
At the Hangzhou headquarters, Ma Liyun and Wang Wei had just finished their conversation and personally escorted the person to the car.
It was exactly the same as Chen Yansen expected. Even though he reminded Wang Wei, the other party still believed Ma Liyun's words. When faced with solutions to infrastructure sharing, industry data synchronization, and terminal delivery problems, it was hard for Wang Wei not to be tempted.
In addition, Ma Liyun also promised to provide SF Express with order support for Taobao and Yaomiao Mall, and Wang Wei immediately agreed.
In 2012, SF Express's business was concentrated in the high-end express delivery field. The revenue per ticket and the company's revenue were not low, but the business volume was not high. Before Yunsu jumped out to disrupt the situation, SF Express's parcel collection volume was not as high as any of the three major express delivery companies.
He wants to make money in the high-end market, and he also wants to make money in the mid- and low-end markets.
Adults never make choices, they always want everything.
SF Express has a wide range of business types, including B2B express, supply chain business, B2C express, cold chain business, highly time-sensitive air delivery and economical express delivery.
From this we can see that Wang Wei’s ambitions are also not small.
"Guo Changguang from Fosun Group has agreed to invest money and will help Cainiao Logistics bid for land to build large warehouses and transfer stations." Lu Zhaoxi said in a low voice while standing behind Ma Liyun.
"Fosun alone is not enough. Wang Wei, Chen Dejun and Yu Weijiao seem to have agreed readily, but they may be wary of me in private. Regarding warehouse management technology, centralized procurement and data center modules, we need to find a few more companies with strong technical backgrounds to cooperate with."
Ma Liyun said lightly.
"After listening to Cainiao Logistics' plan, Mr. Zhang from Fuchun Group expressed strong investment intention. I think we can take some time to have an in-depth communication with them," Lu Zhaoxi added.
Fuchun?
Ma Liyun nodded slightly, agreeing to Lu Zhaoxi's proposal.
In December last year, he met with Zhang Guobiao, who has strong strength in the Jiangsu and Zhejiang areas. He can not only help Cainiao acquire land and build positions, but also provide huge funds to diversify investment risks for Ali.
"By the way, has Chen Yansen come to Hangzhou?" Ma Liyun suddenly asked.
(End of this chapter)
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